A unit of global commercial real estate services and investment firm CBRE Group Inc. and Pygmalion Capital Advisers LLP entered into a joint venture to acquire and reposition special-situation hotel assets and businesses across Europe.

The European Hotel Venture between CBRE Global Investment Partners Ltd. and Pygmalion has been formally awarded a 1,650-room portfolio of nine four-star regional city hotels in Spain that were previously owned by construction group Urvasco Ltd. Silken Hotels will operate the assets under a long-term agreement.

Spanish legal counsel Cuatrecasas was the legal adviser. Christie & Co. and JLL were retained for commercial advisory and technical due diligence, respectively.